A new Transparency Market Research report states that on the basis of revenue, the global online retail industry was estimated at US$982.8 bn in 2013 and is predicted to expand at a striking 23.70% CAGR in the forecast period between 2014 and 2020.
Albany, NY -- (SBWIRE) -- 01/11/2018 -- Increased Internet penetration and rise in the number of mobile applications have led to the increased demand for efficient online retail marketplaces. Rising technological awareness has encouraged consumers worldwide to use mobile applications and websites to shop online. In addition, competitive prices and ease of navigation among wide range of products by access through websites has increased the popularity of online retailing. Digital transformation in retail sector has enabled providers to achieve multi-channel sales through online marketplaces. Online retail offers convenience and enhanced reach to the merchants across the globe as they can showcase their product offerings to a large group of consumers over various online stores.
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Customers can choose from a wide range of online retailing websites which showcase a wide range of products. In addition, customers benefit as they can compare the cost and select the option that suits them best and also leverage from the discounts, sales and various other offers. External factors such as new entrants and increasing number of online stores across the world are expected to drive the growth of retail digital transformation market over the forecast period.
Online retail marketplaces can be accessed through either mobile applications or websites. Although access through mobile application has found increased penetration with increase in the number of smart phone users, websites still remain a vital option for online retailing. With improvement in broadband Internet connections and benefits such as higher navigation area and ease of use is helping websites segment to remain competitive in the market. Retail digital transformation market by access through websites held the largest market share of the overall retail digital transformation market in 2013. With increasing popularity of m-commerce, this market segment is forecast to grow at a significant rate during the forecast period 2014 to 2020.
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Retail digital transformation by product type can be segmented into consumer electronics and appliances; apparel and footwear; media, toys and games; food, grocery and beverages; beauty and personal care and others. In 2013, consumer electronics and appliances held the largest market share in the overall retail digital transformation market. Increasing number of merchants listing their products in the consumer electronics and appliance segment and other standardized products has led to the increased transactions within this market segment. Apparel and footwear segment is gaining momentum with rise in the number of quality brands entering the retail digital transformation market places and rise in availability of these products online. Food, grocery and beverages market segment have found increased demand over the forecast period pertaining to the rise in number of people wanting to shop online for these products. Increase in number of online stores and new entrants within the retail digital transformation market are all contributing to its growth.
Online retailing is widely adopted by population of all age groups across the world at home and offices. Favorable conditions such as ease and availability of Internet access have encouraged customers to shop online. Moreover factors such as secure modes of payment and optimized shipping services have led to increasing adoption of online retail. Furthermore, increased usage of mobile devices such as smart phones and tablets which offer convenience to customers has contributed to the growth of online shopping globally. Increased investment by companies towards rapid development of mobile applications for online shopping and increased discount and promotions of the products has increased the popularity of retail digital transformation market worldwide.
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By geography, North America led the overall retail digital transformation market in terms of revenue in 2013 on account of increased Internet access and presence of leading player in the region. Asia Pacific excluding Japan held the second largest revenue share of the overall retail digital transformation market in 2013. Retail digital transformation market in Asia Pacific excluding Japan is expected to achieve significant growth during the forecast period from 2014 to 2020. Increasing online stores and Internet subscribers in countries such as China, India, South Korea and Singapore are expected to primarily drive the growth of this market in Asia Pacific. Opportunities from other regions including Middle East and Africa, and Latin America are expected to further drive the growth of retail digital transformation market during the forecast period from 2014 to 2020.
Amazon, Inc., Alibaba Group Holding Limited, and eBay, Inc. were identified to be the top three players in the retail digital transformation market in 2013. Other key players include Wal-Mart Stores, Inc., Rakuten, Inc., Flipkart Internet Private Limited, Tesco PLC, Snapdeal.com (Jasper Infotech Pvt. Ltd.), Otto Group, and MercadoLibre, Inc.